CCI tweaks discount plan to price its cotton at market level

In a bid to trim its bulging shares and to assure availability of raw substance to the spinning mills at competitive costs, Cotton Corporation of India (CCI) modified its price reduction scheme on Monday by rationalising the costs.

“To serve the twin objective of helping farmers and also the spinning mills, we have rationalised costs,” claimed PK Agarwal, Chairman and Controlling Director, CCI. The rationalisation has brought CCI cotton costs closer to the industry stage.

“Our costs are now in parity with the industry,” Agarwal told BusinessLine. The very good high-quality cotton in the industry is ranging between ₹35,000 and ₹36,000 for each sweet. “Our high-quality 29 mm cotton is priced at ₹36,two hundred-36,five hundred,” Agarwal claimed.

Under the new scheme, which will be in pressure till June conclude, CCI has established the reduced base price tag ranging from ₹35,600 to ₹37,five hundred a sweet of 356 kg every single. A price reduction of ₹300 is being made available for minimum purchase of five hundred bales for each day. Increased price reduction of ₹1,two hundred is being made available for purchase of more than two lakh bales for each day.

Prices under the new scheme are still on the better side by about ₹1,000 for each sweet, claimed Ramanuj Das Boob, a sourcing agent for mills. “Demand for CCI cotton could decide on up the moment arrivals slow down in the days ahead,” Boob claimed.

Published on

June fifteen, 2020

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